The well-known American trading app Robinhood has had a particularly good first quarter in terms of crypto trading. The number of active users who traded with crypto within the app increased explosively compared to the previous quarter. Even the well-known cryptocurrency exchange Coinbase was surpassed!
Robinhood is a popular trading app in the United States. For example, one can trade in shares for free and it offers an easy interface. Unfortunately the app is not available in Europe. However, the figures regarding crypto are positive for the crypto market in general.
In an update, the team behind Robinhood reports that no fewer than 9.5 million customers traded with crypto in the first quarter of 2021. Compared to the last quarter of 2020, this is an increase of 460%. At the time, 1.7 million customers still traded with crypto.
The increase is striking, especially when we consider the number of active users that Coinbase saw in the first quarter. The large American crypto exchange offered a platform for 6.1 million customers and is thus overtaken by Robinhood.
The increasing number of users is a good sign of the adoption of crypto as an investment. The increase goes hand in hand with the huge price increases that we have seen in the market in recent months.
This is also evident from the trading data of the largest exchanges. In March, a new all-time high (ATH) was even set for the total trading volume of the largest exchanges. $ 1.17 trillion in crypto was traded last month.